OTF Tops Venture Capital Funds Specialized in Tech Startups

      Published on Tuesday, 14 April , 2020      1040 Views     
OTF Tops Venture Capital Funds Specialized in Tech Startups

Eng. Yousef bin Ali Al Harthy, CEO of the Oman Technology Fund (OTF), announced today that the fund came first in the Middle East and North Africa, topping the investment funds in the venture capital specialized in startups, advancing the Sultanate to the fourth place regionally, according to the MAGNiTT report issued in April.

This came in a statement to Oman News Agency after OTF concluded its third year with a total of 108 investments.

The CEO of OTF added, “As part of the Sultanate’s effort for a knowledge-based economic transformation, OTF was established in November 2016, at which time the Sultanate’s ranking was 17th regionally in the MENA region.

After the fund’s inception, it invested in innovative projects based on technology.

OTF ended its first year with (17) investments, which made the Sultanate advance to the tenth place, according to the report of Arab Net, which is specialized in monitoring bold investments.

By the end of 2018, the Sultanate ranked fifth in the Middle East and North Africa region according to MAGNiTT Center, specialized in monitoring and publishing periodic reports in this type of investment. In 2019, the Oman Technology Fund invested in 51 innovative technology-based projects”.

He stressed that this development in the indicators of international reports reflects the progress of the technological innovation environment in the Sultanate, which is based on solid foundations, including qualified Omani youth.

He added that the  Sultanate tops one of the most important indicators of innovation inputs according to the report by the Global Innovation Index in 2019, in which the Sultanate ranked first globally in the ratio of Engineering and Science graduates, in comparison with the total number of general graduates, which constitutes one of the most important components of technological innovation.

He pointed out that recently, 14 projects based on innovation and technology were launched in order to serve the national effort to overcome the challenges of the current stage with the spread of Coronavirus (Covid-19).

OTF  launched an initiative to encourage innovation in areas that help society to overcome the challenges it faces in the current stage by allocating RO 1 million, inviting the Omani youth to submit their ideas and innovative projects.

The Fund announced the investment in five projects submitted by more than 20 Omani young men and women.

Category Business, Technology | 2020/04/14 latest update at 7:00 PM
Source : Oman News | Photocredit : Google
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